Asian luxury goods sales give PPR a boost
Luxury goods group PPR has posted a 13% sales increase for the third quarter, driven by higher fashion and leathergoods sales in Asia.
Revenue totalled EUR4.5 billion compared with EUR4 billion during the prior-year period, beating analyst predictions of EUR4.3 billion.
Gucci Group’s sales in emerging markets, including the Greater China region, rose 24% during the quarter. Overall, sales for the luxury brand grew 27%.
Louis Vuitton posted a 26% increase, while Bottega Veneta sales grew 42% and Yves Saint Laurent revenue rose 19%.
PPR said it plans to sell its Fnac, Redcats and Conforama retailing businesses and use the proceeds to develop its Gucci Group luxury division and a new sports and lifestyle unit headed by Puma. The company is also exploring financing options for Conforama, France’s second-largest furniture retailer, according to Bloomberg.
